Popular nonfungible tokens (NFTs) platform OpenSea delisted the CryptoPunks v1 collection, which arose alongside the renowned CryptoPunks v2 collection as a result of a smart contract flaw. This was purportedly the result of a Digital Millennium Copyright Act takedown notice filed to OpenSea by CryptoPunks v2 creators Larva Labs. This decision has been interpreted as unusual by some, given that the corporation is also the author of the CryptoPunks v1 collection.
For long years, OpenSea prohibited the CryptoPunks v1 collection because users questioned its validity. However, the collection’s recent placement on other NFT sites, such as LooksRare, resulted in increased visibility, prompting OpenSea to lift its original restriction. At the time of writing, the total volume exchanged in the wrapped CryptoPunks v1 collection had topped 315.44 Ether (ETH) ($974,000) and was still active.
However, the struggle for the NFT collection’s validity looks to be heating up. Developer Velinova.eth says in an announcement made on the official CryptoPunks v1 Discord that they’ve spoken with a “top-tier IP counsel from the United States” who claims they are “lawfully entitled to go on in the trading of these CryptoPunks.” Meanwhile, the OpenSea community is planning a counter-notice to the removal. Furthermore, the collection’s NFT holders have renamed it “CryptoPunks V1 313 WPV1,” partially to represent the NFTs’ wrapped nature for fixing the aforementioned issue.
The validity of CryptoPunks might have serious financial ramifications. CryptoPunks v2 is the most popular NFT collection in the world, with a total of 824,947.17 ETH exchanged ($2.55 billion). However, much of the collection’s popularity originates from its exclusivity, as the supply is limited to 10,000 Punks. If additional 10,000 photos from CrptoPunks v1 are legitimised, it may dilute the brand, resulting in a quick drop in the price of NFTs.
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